Indiana Enjoys Another $500 Million Sports Betting Handle But No Record in December

December was a near-record-setting month for Indiana sports betting apps and the state's retail providers but it came just short of November's record figures set by the best sports betting sites.

Hoosier State sports wagering operators were able to top the $500 million mark for the second straight month, and fourth time in the history of the state's platform in December. They did however fall just short of setting a new record for the second straight month.

The Indiana Gaming Commission December report Friday put a cap on what some would view as an underwhelming 2023 in terms of handle. Despite sports bettors in the Hoosier State wagering a total of $4.34 billion in 2023, it represents a 2.9% drop from 2022's yearly total. The revenues from 2023 bested the profits from 2022.

Indiana hits second-best sports betting handle in December

For the second straight month, Hoosier State bettors spent over $500 million on Indiana sports betting. It is the first time since legalization that the state has eclipsed the half-billion handle mark in consecutive months and is the second-best total ever for Indiana sportsbooks.

The $503.1 million in December handle lagged behind only the record handle of $513.6 million which was set in November but is a 16.6% year-over-year improvement from the $431.4 million reported in December 2022.

As mentioned, December's sports betting totals took Indiana's year-long handle to $4.43 billion, which is certainly respectable but off of the $4.47 billion wagered in the state in 2022.

Revenues second best ever too

Revenues for Indiana sportsbooks also failed to set a new record in December, but like the state's legal sports betting handle, it came in as the second-best earnings month ever.

The Indiana Gaming Commission reported $54.6 million is sportsbook gross revenues last month and $50.6 million in adjusted gross revenues after nearly $4 million in adjustments. The $50.6 million trails only September's $51.2 million in earnings as the best ever revenue month for state providers. 

December revenues for Indiana sportsbooks nearly doubled month-over-month from the $26.8 million in November and is about a $7 million year-over-year improvement from the $43.555 million in December 2022.

Indiana mobile sportsbooks held 10.7% in December, more than double the November hold rate of 5.2%. The Indiana sportsbook win rate was 10.1% in December of last year, no doubt boosted by Indiana sportsbook promos.

Indiana sportsbooks finished 2023 with $404.1 million in revenue, thanks to a slightly higher year-long hold rate of 9.3%. Year-long revenue totals are a 4.4% improvement from 2022's totals for state providers.

Just under $5 million in tax contributions came from Indiana sports betting sites in December, taking the 2023 total to $36.8 million. It is a $1.8 million year-over-year tax haul jump from the $36.8 million in December 2022.

DraftKings takes handle haul crown, FanDuel prevails in revenue race

As always, DraftKings and FanDuel were the top two performing Indiana sports betting sites. DraftKings Indiana took in a state-best $177.9 million in December wagers with a second-best $19.1 million in revenue.

FanDuel Indiana was second in terms of December handle with $171.2 million in reported bets but topped revenues with $20.8 million in profits.

There wasn't a lot of separation between third and fifth in the race to become Indiana's best sportsbook. Perhaps the biggest story out of the "best of the rest" contest was the performance of ESPN BET.

BetMGM Indiana finished third in terms of overall handle with $33.6 million, Caesars Indiana was fourth with a $33.3 million handle and ESPN BET Indiana was a close and respectable fifth with nearly $30 million in December wagers.